BASE Chain Becoming a new base for rug pulls 💨
HashingBits | Week- 34
In brief ⚡
🙃 Magnate Finance executed a rug pull of around $6.4 Million on Friday 25th August
👾 Harbor Finance suffered a hack whose root cause is said to be Oracle Manipulation. The TVL reduced from $370,000 to only $81,000.
Hacks and Scams⚠️
Magnate Finance
Amount of Loss: ~ $6.4 Million
Analysis
Magnate Finance, a platform on Base, has raised concerns by deleting its Telegram group and shutting down its website, sparking worries of an exit scam.
The platform holds $6.4 million in Total Locked Value and is associated with previous financial exit scams.
Analysis indicates on-chain connections between Magnate Finance and the Kokomo Finance exit scam.
The native token (MAG) of Magnate Finance has plummeted around 88% in value since the website's shutdown, with a 90% drop in the last 24 hours according to CoinGecko.
After a warning by ZachXBT on social media, Magnate Finance engaged with comments about sticking to a plan and changed its profile bio before eventually deleting its account. Withdrawals were possible for some users after the warning. Additionally, blockchain analysts found that the lending protocol's developer altered the price oracle provider on Base and removed assets.
Harbor Protocol
Amount of Loss ~ $289k
Analysis
Interchain stablecoin protocol, Harbor, falls victim to a recent DeFi attack, leading to funds being drained from multiple exposed Vaults
Funds siphoned from stOSMO, LUNA, and WMATIC vaults, with the exact amount of losses yet to be disclosed.
Harbor Protocol is actively investigating the attack, aiming to identify the exploit and assess the extent of losses incurred.
Protocol yet to determine the specific attack pattern; detailed incident report to follow once more information is gathered.
Harbor Protocol appeals to attackers for cooperation, urging open communication to find a resolution that minimizes impact on users and the community.
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